Argan, Inc.'s Wholly Owned Subsidiary Gemma Power Systems Receives Full Notice to Proceed on Natural Gas-Fired Combined Cycle...
November 10 2015 - 4:38PM
Business Wire
Argan, Inc. (NYSE: AGX) today announced that its wholly
owned subsidiary, Gemma Power Systems has received from Moxie
Freedom LLC a full notice to proceed with engineering, procurement
and construction activities for a 1,000 MW combined cycle power
plant to be located in Luzerne County, Pennsylvania. Construction
on the facility will begin this year with completion scheduled in
2018.
Rainer Bosselmann, Chairman and CEO of Argan, Inc., stated,
“We’re excited to continue our relationship with Moxie Freedom and
we look forward to constructing another large scale, state of the
art power facility in Pennsylvania.”
About Argan, Inc.
Argan’s primary business is designing and building energy plants
through its Gemma Power Systems subsidiary. These energy
plants include simple and combined cycle natural gas-fired power
plants as well as alternative energy facilities including
biodiesel, ethanol, and those powered by renewable energy sources
such as wind and solar. Argan also owns Atlantic Projects
Company Limited and Southern Maryland Cable, Inc.
Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal
securities laws and are subject to risks and uncertainties
including, but not limited to: (1) the Company’s ability to
achieve its business strategy while effectively managing costs and
expenses; (2) the Company’s ability to successfully and
profitably integrate acquisitions; and (3) the continued
strong performance of our power industry services business. Actual
results and the timing of certain events could differ materially
from those projected in or contemplated by the forward-looking
statements due to a number of factors detailed from time to time in
Argan’s filings with the Securities and Exchange Commission. In
addition, reference is hereby made to cautionary statements with
respect to risk factors set forth in the Company’s most recent
reports on Form 10-K and 10-Q, and other SEC filings.
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version on businesswire.com: http://www.businesswire.com/news/home/20151110006972/en/
Argan, Inc.Company Contact:Rainer Bosselmann,
301-315-0027orInvestor Relations Contact:David Watson,
301-315-0027
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